Have you been successful in modifing your home loan with a major lender? Comments or advice please.

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June 28 2010 - Mill Valley
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Answers (7)

I know some very successful modification stories. They are time consuming and tough on your credit, but possible. But unfortunately, there are many sad stories that brought some foreclosure listings to me. Kind of bittersweet.
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August 25 2010
I have assisted five home owners with the loan modification process.  I had to provide listing information, etc. with the owners' permission.  We were able to secure a loan modification based on hardship circumstances in one out of five attempts.  You be the judge.
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July 06 2010

I agree with Natalie Feldman.  The homeowner "must" be persistent and aggressive.  However, be careful not to be pushy—this will not get you anywhere.  I too have had a good experience with a modification through Chase. 

The homeowner must be organized, patient, and most of all verify receipt of all documents on a weekly basis.  The best thing I can advise is to document every phone call—by getting the person's name and ID # if they have one. 

Equally Important, make sure to write down the date and time of every conversation.  Also, use fax #'s to contact supervisors, when you cannot reach them over the phone.

 

-Melissa

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July 05 2010
Thanks for your comments regarding loan mods for your clients. We are hearing "lip service" from Wells and others that they are doing these modifications, but I have not yet met anyone who has been successful in completing one.  Same story with BofA....I also just heard on NPR that  31% of recent California home sales in 2010 are now distressed sales (ie: were in one stage or another of foreclosure).  What is your current supply of homes in your town or metro area?  Please let me know where you are. Thanks again. Tom
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June 30 2010
Thomas,

Good Evening.

I heard of MANY owners start the Mod process and most of them will not get a workable program, if any at all. The ones that did get a lower monthly rate and or payment, did NOT get there total loan(s) reduced.

I wish I had better news, most of them end up walking, they don't have the energy to try to Short Sale their home.

-Shawn

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June 28 2010
I have had success in modifying home loans with major lenders, it is important to be VERY persistent, double and triple confirm receipt of documents with them. If you do not hear from them, be aggressive and contact them until you receive a response.
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June 28 2010
I have had many of my short sell sellers try to negotiate with their lenders with very few of them being successul.  If I had to guess at a percentage of those that try to those that are successful I would bet it would be less than 10%.  I'd be interested to read what other are finding.

Simon Mills
Mills Realty
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June 28 2010
 
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Have you been successful in modifing your home loan with a major lender? Comments or advice please.
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